Greenland suggests it won't replace Brookfield Multiplex as Greenland Centre builder

Greenland suggests it won't replace Brookfield Multiplex as Greenland Centre builder
Greenland suggests it won't replace Brookfield Multiplex as Greenland Centre builder

With no deal current to build Sydney's tallest residential tower, the Chinese developer Greenland has raised the prospect of undertaking their own construction on the Greenland Centre.

The construction giant Brookfield Multiplex severed its contractual agreement due to commercial differences last month.

The Australian Financial Review suggested last month Brookfield Multiplex thought Greenland had been difficult to deal with and there had already been significant delays in what was already an extremely tight program. 

The arrival of the Chinese-based Greenland to Australian shores was heralded by Property Observer as an auspicious occasion with their 2013 plans for building Sydney's tallest residential highrise on the former Water Board site in the CBD, but little has gone right for the group ever since.

The overly ambitious Chinese developer were lured to overpay for the CBD site, after abandoning, at the eleventh hour, well advanced plans for a suburban project that would have not given them their desired world beating, global expansion status. 

Today's article in The Australian said the Chinese developer was still committed to the $700 million, 235 metre tower tower, which has seen almost all its apartments sold off the plan through CBRE Residential with a completion date at the end of 2017. It now has a 2019 anticipated completion.

“We will figure out what to do in the coming weeks,” was the best the Greenland spokesperson could advise The Australian last month.

Today the Greenland assistance managing director Kang Xue advised The Australian it was "actively pursuing the most productive way to complete the tower."

Only last week Greenland told the Urban Developer website that new builders had “come knocking.” 

The proposed Greenland Centre in Sydney is virtually sold out before construction has started.

The tower, at the former Water Board site at 115 Bathurst Street, was Greenland's first project in Australia. 

There are 470 apartments in the tower for which only a last lucky eight reportedly remain unsold. There are three so-called penthouses for sale.

It was promoted boastfully as Sydney's highest residential block. 

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Marketed as 'Like a diamond in the sky' - Sydney's tallest residential tower had prices starting at $528,000.

Set on the former Water Board site, the 115 Bathurst Street and 339 Pitt Street site had stage-one development approval in its purchase for up to 70 levels reaching 235 metres high. 

Beating off Harry Triguboff Meriton's 230-metre tall World Tower, which dates back to 2004, the new tower will, if built, appear considerably taller as it is located further up a ridge than World Tower.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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Property market Residential Construction

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